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$35,000
Est. payment /mo
3 Baths
9,174 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 9,174 sqft
Price per Sqft $3
Subdivision Peters Sub Of Pt Of Sec 48
MLS Listing ID 20261079692
Style Colonial
Full Baths 3
Year Built 1922
Lot Size 4,356 Sqft
Acres 0.1
Property Sub-Type MultiFamily
Property Description
Great opportunity for an experienced investor or developer looking to take on a substantial multifamily renovation project in Detroit. This building currently features 13 one-bedroom units and offers the potential to create a fully renovated income-producing property. The building will require a complete restoration, making this an ideal project for a buyer with the experience, financial resources, and vision to bring the property back to productive use.
Located in Detroit, the property is surrounded by established residential neighborhoods and offers convenient access to major roadways, employment centers, shopping, dining, schools, parks, and other city amenities. The location provides an opportunity to be part of Detroit's ongoing neighborhood redevelopment and revitalization efforts.
Seller requires proof of funds with all offers. Offers must also include an estimated renovation budget along with proof of funds sufficient to complete the proposed improvements. Buyer must demonstrate the financial ability and experience necessary to successfully complete this type of project. Buyer to independently verify all unit information, zoning, rental requirements, utilities, dimensions, and development requirements. BATVAI.
Please note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five tax years following the transfer of ownership. The DLBA tax capture may be incompatible with tax abatements that may otherwise be available to the purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes (PILOT) as a condition of approval. Any payment will be determined after review of the development pro forma and the impact of any tax abatement on the purchase and development financing. All information regarding the DLBA tax capture, waiver process, and development requirements should be independently verified by the buyer.
Located in Detroit, the property is surrounded by established residential neighborhoods and offers convenient access to major roadways, employment centers, shopping, dining, schools, parks, and other city amenities. The location provides an opportunity to be part of Detroit's ongoing neighborhood redevelopment and revitalization efforts.
Seller requires proof of funds with all offers. Offers must also include an estimated renovation budget along with proof of funds sufficient to complete the proposed improvements. Buyer must demonstrate the financial ability and experience necessary to successfully complete this type of project. Buyer to independently verify all unit information, zoning, rental requirements, utilities, dimensions, and development requirements. BATVAI.
Please note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five tax years following the transfer of ownership. The DLBA tax capture may be incompatible with tax abatements that may otherwise be available to the purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes (PILOT) as a condition of approval. Any payment will be determined after review of the development pro forma and the impact of any tax abatement on the purchase and development financing. All information regarding the DLBA tax capture, waiver process, and development requirements should be independently verified by the buyer.
Location
State MI
County Wayne
Area Area05043Detlivernoisi756Gdriver
Rooms
Basement Full, Unfinished
Interior
Heating Forced Air, Natural Gas
Fireplace No
Exterior
Pool None
View Y/N No
Garage false
Building
Foundation Basement, Block
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Detroit
Others
Senior Community false
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition GovernmentOwned, ShortSaleNo
Pets Allowed Yes
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Listed by Erick Monzo of Keller Williams Realty-Great Lakes
NEARBY SCHOOL & BUSINESS
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